Real Estate Investment Key to Success: Listening

“Most people do not listen with the intent to understand; they listen with the intent to reply.”

-Stephen R. Covey

I was reading another real estate investor’s blog the other day reflecting back on his 10 years in the business and how he’s noticing a pattern of real estate investor’s coming and going almost in a rhythmic pattern. The turnstile pattern is a 3-5 year cycle that I’ve observed over my 18 years of real estate investing and a hot topic I discuss locally quite often. After-all my goal is to become financially independent, self-sufficient, and immune to the economic tide waters that hit our local, State, and National economy.

I assume you are no different?

The boom and bust trend is not different than any other statistic you read about business’es survival rates of some 3 to 5% after five (5) years of operation. Survival is a matter of education, financial management, blood, sweat, tears.., and luck too.

In my opinion there are a few individual traits that often bear red flags to one’s survival. Now, I bring up a topic that should be discussed over a series of articles –so this will be the first.

The single greatest trait that we as individuals are either genetically born with or inherently learn over time is the ability to listen. Now that may seem very simplistic. Almost to simplistic -but hear me out. If I am actively listening to what you say, then what does that mean? One would assume that means I’ve heard what you said, can repeat it back to you, and be capable of processing your words in a form of comprehension to actually understand and think about what it means. Right!?! Think about that for a minute.

Are you listening?I said:

” If I am actively listening to what you say, then what does that mean? One would assume that means I’ve heard what you said, can repeat it back to you, and be capable of processing your words in a form of comprehension to actually understand and think about what it means.”

I have mentored many real estate investors over time and can spot this great trait (or the lack thereof) in no time flat. It’s really sad -as it is so simple. And if you think that I am immune to this character defect -I am not. We all make mistakes and sometime’s lose our way.

I have an exercise that I learned early on in my professional career were I would replay a conversation that I’ve had with another person and would look to identify the point in the conversation where the conversation stalled or met resistance. Often -one can identify that it is a point in time where one person (or the other) lost touch and wasn’t listening -to the wants, needs, or desires of the other… Try it sometime-it’s fascinating what one can learn.

As a high-charged multi-tasker, believe me when I say that this is one of my most challenging aspects of my personal & business life right now. While I’ve been actively working at rebuilding and adjusting to the market swings, I have thrown myself into the thick of it all, overloaded my schedule, and as a result -at times, forget to listen.

This is a big red flag in your personal, investment, and business operations. Do you find people shutting down on you? People not responding or commiting, or not even really calling you back? Do you find that your way is often the opposite of those with whom you seek advice?

Sure -you may say to yourself that “I know what I’m doing & I am the 1 in a million that will make it happen” and you may just be right; however, you may also may be 1 of the other 999,999.

Think about that for a minute.

Whether your new to the real estate investing game or a seasoned veteran, we all need advice and counsel. If we’re not actively listening, we’re not learning. Are you ready for Success? Check out: What is Success?

Change is constant right? and we can all agree that we do not have all the answer’s….

Then we have to be able to listen to understand how to not only survive but thrive in life and the World of Real Estate Investing….